Overview
Holds US Treasury floating rate notes whose coupons reset weekly with 3-month T-bill auctions — cash-like income with near-zero interest-rate risk.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| UST FRN | Treasury FRN Jul 2027 | 21.4% |
| UST FRN | Treasury FRN Apr 2027 | 20.8% |
| UST FRN | Treasury FRN Jan 2027 | 20.3% |
| UST FRN | Treasury FRN Oct 2026 | 19.6% |
| UST FRN | Treasury FRN Jul 2026 | 17.9% |
| -- | Cash & equivalents | 0.0% |
Fund Details
Investment Thesis
Floating rate notes are the purest cash proxy the Treasury issues: coupons reset weekly, so USFR's price barely moves while its yield tracks the front of the curve almost perfectly. It became a $18B fund because it out-yielded money market funds through the hiking cycle with the same practical risk profile. If the Fed cuts, its yield falls in lockstep — that is the design, not a flaw.
Who It's For
Savers parking cash inside a brokerage account, retirees living off portfolio income who want zero duration risk, and anyone building a T-bill ladder alternative with one ticker and monthly payouts.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $49.26 | -- |
| 2017 | $49.31 | +0.1% |
| 2018 | $49.45 | +0.3% |
| 2019 | $49.65 | +0.4% |
| 2020 | $49.55 | -0.2% |
| 2021 | $49.50 | -0.1% |
| 2022 | $49.85 | +0.7% |
| 2023 | $50.15 | +0.6% |
| 2024 | $50.30 | +0.3% |
| 2025 | $50.40 | +0.2% |
| Year | Yield |
|---|---|
| 2016 | 0.30% |
| 2017 | 0.90% |
| 2018 | 1.90% |
| 2019 | 2.20% |
| 2020 | 0.40% |
| 2021 | 0.10% |
| 2022 | 2.10% |
| 2023 | 5.10% |
| 2024 | 5.20% |
| 2025 | 4.30% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.2B | -- |
| 2017 | $0.3B | +50.0% |
| 2018 | $0.6B | +100.0% |
| 2019 | $0.5B | -16.7% |
| 2020 | $0.4B | -20.0% |
| 2021 | $0.5B | +25.0% |
| 2022 | $7B | +1300.0% |
| 2023 | $18B | +157.1% |
| 2024 | $20B | +11.1% |
| 2025 | $18B | -10.0% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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